Ireland will never repay the €250bn it has borrowed from the EU and IMF, senior government insiders have admitted – but we will not default until our ­EU partners agree we have no choice.

A senior minister last night told the Irish Mail on Sunday that the Cabinet expects our crippling debts to be ‘restructured’ within three years.
...
As Europe tried to ease the pressure with a 1% cut in our bail-out interest rate, ministers were admitting that the full amount could never be repaid.

‘It is not called defaulting – it’s code for a restructuring,’ said one senior minister.

Greece has been slipping farther behind its targets for cutting its budget deficit and is expected to need nearly €30 billion ($43 billion) of extra financing for 2012, according to euro-zone officials.

The country's growing reliance on aid from other euro members is fueling a debate over whether Greece should hold talks with its private creditors about extending the maturity of its bonds, a step that Germany is quietly pushing but other euro nations are resisting.

Euro-zone finance ministers meeting in Brussels early next week are expected to debate Greece's debt burden, its need for additional aid, and its request for more time to meet its fiscal targets.

In Memoriam: Doris "Tanta" Dungey

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Blogroll: I'm receiving 100s of requests to be on the blogroll and it is completely out of control.Right now the blogroll is frozen until further notice while I rethink the usefulness for the readers. Sorry.Thanks, CR